DATE: January 26, 2021
TO: Board of Supervisors
SUBMITTED BY: Oscar Garcia, CPA
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2020
RECOMMENDED ACTION(S):
TITLE
Receive and file the County of Fresno Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020.
REPORT
This item is countywide.
ALTERNATIVE ACTION(S):
There is no viable alternative as the CAFR is submitted in compliance with Government Code Sections 25250 and 25253.
FISCAL IMPACT:
There is no fiscal impact associated with this action.
DISCUSSION:
The County of Fresno's CAFR for the fiscal year ended June 30, 2020 is provided for your Board's review in compliance with Government Code Sections 25250 and 25253.
The CAFR contains the County's basic financial statements, which are comprised of:
(1) Government-wide financial statements, which are designed to provide readers with a broad overview of the County's finances, in a manner similar to a private-sector business;
(2) Fund financial statements, which present the County's financial activities in a traditional fund format; and
(3) Notes to the basic financial statements.
The basic financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.
The CAFR reports (all amounts presented in thousands) a total net position of $454,959 as of June 30, 2020, an increase of $138,903 from the total net position of $316,056 as of June 30, 2019 in the Government-wide financial statements. Generally, "net position" is the amount of assets and deferred outflows of resources that exceed the liabilities and deferred inflows of resources of the County.
The Governmental Funds financial statements report as of June 30, 2020, the fund balance of $821,771, an increase of $19,895 from a fund balance of $801,876 as of June 30, 2019. Included in fund balance as of June 30, 2020 is the General...
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